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The company said it will also cut spending by $1.4bn, add three new directors to its board, and consider restructuring its operations, such as separating the design and patent-licensing businesses.

"[We have] entered into an agreement with JANA Partners pursuant to which Mark McLaughlin and Tony Vinciquerra have been added to the board of directors and a third director to be selected by the company and consented to by JANA will be added promptly," the firm said.

The move to drop such a substantial amount of its workforce could be down to increasing competition from chip firms such as MediaTek, Samsung, which recently dropped Qualcomm in favour of its own Exynos chip for the Galaxy S6, and other small Chinese companies that specialise in making chips for budget phones.

Qualcomm reported a 46 percent drop in Q2 profits in April, and the sources said that the company could shift more research and development activities to low-cost countries such as China and India to save money.

It's clear that Qualcomm is going to have to make some major changes to its strategy, and quick, because the company's outlook becomes progressively worse as the months roll on.

This re-fuelled speculation that Qualcomm's Snapdragon 810 chip has been suffering problems. Qualcomm denied the overheating claims, saying that LG's decision to stuff the G4 with a Snapdragon 808 chip was made "over a year ago" and had nothing to do with the persistent rumours surrounding the 810.

However, a few months later, in June, Sony admitted that its latest Xperia Z3+ is overheating owing to problems with the 810 chip.